The US and Iran are to sign an MOU on Friday if it holds together. And then it’s only a 60-day agreement.

June 15, 2026

Grain Overview

Just ahead of market openings last night, it was announced that Iran and the US came to MOU agreement that for some reason, (which can allow for revisions and arguments this week) will still not get signed until Friday. This caused a sharply lower opening for crude oil while equities and metals moved sharply higher. The obvious reaction by the grain trade was to again move into a softer trade mode. There’s plenty of rain throughout the Central US, but there are rising concerns that western and central Europe are entering into a drought.

If the MOU agreement holds together into Friday, the signing will occur in Switzerland, with the anticipation that the Strait of Hormuz will flow freely. Unfortunately, industry sources say it still will be several months until movement will be back to pre-war levels. Considerable repairs will also be needed at numerous golf facilities. In this agreement, it’s fear that Israel may still throw a monkey-wrench into it,